EigenLayer (EIGEN) Rallies 7% as Whale Activity Takes Center Stage

EigenLayer [EIGEN] was trading at $2.58 at press time, marking a 7.18% increase over the past 24 hours. The 24-hour trading volume was $158.47 million, up by 24.71%.

The price of EigenLayer ($EIGEN) surged on Wednesday, as the token attracted attention from? whales and large investors.

At press time, EIGEN was trading at $2.58, up by 7.18% in the past 24 hours. The 24-hour trading volume stood at $158.47 million, showing an increase of 24.71%.

However, the Open Interest (OI) for EIGEN saw a decrease of 7.20%, currently valued at $66.46 million.

According to data from Coinglass, a whale with $200 million in assets slowly increased their EIGEN stash.

Over the course of eight days, the whale spent 3,391 ETH ($10.44 million) to acquire 4.483 million EIGEN.

This brought the whale's total EIGEN holdings to 5.04 million, valued at $11.14 million, making it the second-largest position after ETH.

The strategy appeared to be consistent and deliberate.

Whales’ Impact on EIGEN price movements

An analysis of IntoTheBlock data by AMBCrypto showed a strong correlation between whale activity and EIGEN's price movement.

In late September, a sharp spike in large transactions, exceeding 1,500, pushed the price above $4.00, likely driven by institutional interest.

Following this peak, both transaction counts and price declined steadily through October, with transactions dropping below 500 and the price consolidating in the $2.50-$3.00 range.

In early November, activity remained flat, with transactions fluctuating between 50 and 200 daily as the price stayed within a narrow band.

Over the past week, activity slightly increased, with a seven-day high of 186 large transactions on 18 November and a low of 28 on 17 November, indicating inconsistent whale engagement.

The immediate support level for EIGEN was at $2.20, while resistance levels were observed at $2.80, with a key resistance at $3.40, offering a potential upside of 48.78%.

The price had recently rebounded from the support trendline, suggesting the possibility of a short-term recovery.

Moving Averages (MA) were also aligned with these levels.

The 50 SMA at $2.449 acted as immediate resistance, followed by the 100 SMA at $2.703 and the 200 SMA at $2.857, marking key barriers for sustained upward movement.

The MACD histogram showed decreasing bearish momentum as the signal lines were approaching a potential bullish crossover.

Meanwhile, the stochastic RSI was in oversold territory, with the fast line at 14.48 and the slow line at 25.64, suggesting a likely upward reversal.

Overall, while the indicators hinted at bullish potential, confirmation through a price break above $2.80 was essential for further upward momentum.